Interview

Drilling Deep for Value

Richard Pzena isn't afraid of taking risks. Since Its founding in 1996, his Pzena Investment Management has pursued a deep-value, concentrated portfolio strategy that has sometimes led to volatile returns. The John Hancock Classic Value fund (ticker: PZFVX), which is managed by the firm, had a great 2013, rising 40.5%, eight percentage points ahead of the Standard & Poor's 500 index. But the fund was crunched in 2008, dropping 46.6%, nine percentage points worse than the index. Through the middle of last week, the fund was up...